Many people experience debt and are able to get out of it successfully. When debt becomes more than you can deal with, it is important to explore your options and do all you can to get out of debt. First, you need to make sure you contact your creditors, to see what they are willing to work with you on. Sometimes, they are willing to work out payment arrangements. If you have tried to work with your creditors, to no avail, there is still help available. Through an attorney, you can learn about your options for filing for bankruptcy, so you can overcome your debt permanently.
How Can Ledford and Wu Help You Overcome Your Debt?
When you first meet with your attorney, you will need to provide as much information on your debt as possible. You will also need to provide information on your assets as well as your income. This will assist your attorney in helping you to decide if bankruptcy can help you and what type will be best for you.
If you choose to file chapter 13 bankruptcy, you will be allowed to keep all of your assets and simply pay a monthly payment through the courts each month. This payment will be distributed among your creditors over several years, until all of your debt is paid off. The typical period for this type of bankruptcy is five years, depending on the amount of debt you owe.
In chapter 7 bankruptcy, any property outside of your residence, car, clothing and furniture will be sold to pay off your debt. A trustee will be placed over your bankrupcty and will work to get as much money for your creditors as possible. You can expect this process to last approximately six months and then you will be completely free of your debt.
If you need further information on Bankruptcy, contact Ledford and Wu. They will be glad to assist you in overcoming your debt, so you can have a better financial future. Contact them today and allow them to help you make the decision on what type of bankruptcy will best benefit your needs.